High Property Taxes Pushing Many New Yorkers to Relocate
Recently I posted a report that the number of wealthy individuals leaving Connecticut for more tax-friendly pastures has been increasing. It seems that Connecticut isn’t the only state that is facing this problem. According to a report in the Democrat and Chronicle, New York is also dealing with more people leaving due to high taxes; and it’s not just the wealthy.
Reportedly, 41 out of 50 upstate counties in New York saw their populations decrease between 2010 and 2015. The mass exodus it seems appears to be closely related to New York’s disproportionally high property taxes. One woman from New York, who moved to neighboring Pennsylvania, now enjoys a 60 percent decrease in her property tax bill. It dropped from $5,000 annually to just $2,000.
Despite the spin that some government officials are trying to put on the numbers, the fact is that between 2009 and 2014 the state took a hit of $22 billion in wealth, with $11 billion coming between 2012 and 2014. According to financial advisors, even though it’s a tough decision, for many the taxes savings are just too much to pass up. Combined with a slow economy the high property and income taxes leave many residents with no choice but to pack up for greener pastures.
Even many of the state’s retirees are starting to worry more about New York’s high property taxes, with 56 percent saying they are concerned about being able to pay these taxes in retirement, according to a report from the AARP. In fact, 55 percent of baby boomers reportedly said they fully expect that they will leave New York when they retire, and 66 percent of the Gen-X population said they are also considering doing the same.
http://www.democratandchronicle.com/story/news/local/2016/05/11/new-yorkers-leave-states-lower-taxes/84212658/
Business Angels for Your Startup Business
Business Angels for Your Startup Business By Mike Cain Setting up a new business can be a daunting prospect. There’s the possibility of failure, and with it, the risk of losing the money you’ve invested in your company, as well as seeing all your months or even years of hard work go to waste. But,…
Securing Second- and Third-Round Venture Capital Financing
Securing Second- and Third-Round Venture Capital Financing By Jim D. Ray Widget sales are booming – the competition is scrambling, demand is up, and the books are finally treading water. Your core management team has big ideas for the future of Widget Inc. Opportunity is abundant; but how will you fund that next big leap?…
Ten Ways Start-ups Use Venture Leases And Loans To Generate Millions
Ten Ways Start-ups Use Venture Leases And Loans To Generate Millions By George A. Parker The rise of venture leasing and lending has created an opportunity for sophisticated entrepreneurs to gain a competitive advantage. Savvy entrepreneurs are using venture leases and loans to generate millions of dollars for shareholders by leveraging existing venture capital. They…
Avoiding AMT
Avoiding AMT More and more taxpayers are finding a hidden tax on their individual tax returns. The alternative minimum tax (AMT) attempts to ensure that high income individuals who benefit from the tax advantages of certain deductions and exemptions will pay at least a minimum amount of tax. This tax was originally designed to keep…